Tender offer sounds to me like a great deal:DCS ANNOUNCES INTENTION TO CONDUCT TENDER OFFER

(NYSE: DCS) Claymore Dividend & Income Fund (the "Fund"), a non-diversified closed-end management investment company, announced today, as part of its continuing efforts to increase shareholder value, its intention to conduct an in-kind tender offer to purchase up to 40%-45% of the Fund's outstanding common shares. Shareholders who participate in the proposed tender offer would receive a pro-rata distribution of portfolio securities of the Fund, subject to certain adjustments, upon tendering their common shares. Additional information regarding the terms of the tender offer will be set forth in the offer to purchase which will be sent to all shareholders upon commencement of the tender offer.

After considering a number of options to address the discount to NAV of the market price at which the common shares trade, and to provide common shareholders with additional liquidity, the Board of Trustees of the Fund (the "Board"), after careful consideration and upon the recommendation of the Fund's investment adviser, Claymore Advisors, LLC, determined that under current market conditions, a tender offer structured in this manner would be in the best interest of all shareholders of the Fund. The Board considered that the proposed tender offer could enable common shareholders to tender common shares at a price that is greater than what they could realize in the secondary market at that time.